VANCOUVER, BC / ACCESSWIRE / February 9, 2018 / Food for thought for FinTech investors: emerging payment processing companies are revolutionizing mobile payment technologies used in retail and restaurant transactions.
And the sky's the limit for the mobile payment transaction world. According to research data, the market is expected to reach a value of close to US$3 trillion in the year 2020.
Mobile payments are undoubtedly changing the way the world shops and dines. The savviest investors are paying attention to innovative technologies in vertical markets because digital wallets are starting to replace physical wallets, as consumers are over paying with cash.
A digital wallet is an electronic device that enables electronic transactions, including purchases made using a smartphone.
Clearly, smartphones are the new wallets.
PayPal (PYPL) doesn't use cryptocurrency, but CEO Dan Schulman called blockchain, the underlying technology, a "real breakthrough," And Jack Dorsey, chairman, and CEO of Square Inc.(SQ) and CEO of Twitter, described blockchain as the "next big unlock."
In December 2017, Apple (AAPL) launched Apple Pay, introducing its own digital wallet and simplifying consumer purchasing using facial and fingerprint recognition technology. Essentially - this marks a move towards cryptocurrency for Apple.
BC-based tech companies currently trying to break into the digital cryptocurrency space include Glance Technologies (GET; GLNNF), and PayVida Solutions Inc., both of which are establishing themselves as players in the hospitality processing industry.
Victory Square CEO Shafin Diamond Tejani has garnered a list of business accolades, being named EY's Technology Entrepreneur of the Year 2015, Canadian Angel Investor of the Year, BC Tech Person of the Year 2107, and BIV's Top Forty Under 40.
PayVida Solutions Inc. recently had 31.35% of their shares purchased by Victory Square Technologies Inc. This Fintech investor and start-up incubator has been making significant acquisitions with the addition of PayVida to its portfolio of ventures.
PayVida is launching a global payment facilitator designed to disrupt traditional banking and payment processing technologies for business owners, with plans to incorporate digital - or cryptocurrencies into their own platform, and also with their crypto wallets.
"PayVida provides solutions that challenge the tired and uninspiring technologies that most banks and payment processing providers offer," said Tejani, CEO, Victory Square. "They have established themselves by offering less expensive pricing and same-day funding times that merchants have never experienced with today's leading FinTech giants."
PayVida co-founder Robert Ronning said what is disruptive about PayVida's technology is that it is a hybrid between merchant account providers and payment facilitators. PayVida started in the restaurant business, working with industry giant Glowbal Restaurant Group, led by Emad Yacoub.
Ronning said PayVida's platform and upcoming wallets will be a "game changer."
"With our wallet, it will allow every merchant to accept crypto, whether they are a PayVida merchant, or not. It will allow them to get paid in their home currency (Canadian or US Dollars) whether the transaction was processed in crypto or fiat. Our core developers are some of the strongest blockchain developers available in the market," Ronning said.
"What's great about our payment ecosystem is that it allows our technology to lend itself to merchants, ISO's, ISV's, VARS, and wallets that are currently available in marketplaces. It allows us to work with financial institutions, which enables them to activate merchants in real-time with our smart terminal and e-commerce solutions to make them quicker, more nimble, and offer more for their consumer base. We will empower those potential partners, and our own wallet, to have the most sophisticated means of payment."
"We're revolutionizing how payments are done," Ronning said. "We're the first in the world that we know of that will give merchants same-day funding and their employees with tip payouts access to a prepaid credit card that we give our merchants."
Moving from a cash to a cryptocurrency society will enable merchants faster transaction times and allow for quicker turnover. With cryptocurrency moving from the margins to the mainstream and poised to replace cash - a cashless society is seemingly just over the horizon. For most merchants, digitizing the industry is looking very bright.
PayPal: (PYPL) PayPal Holdings, Inc. is an online payment processing company founded in 2002 by Elon Musk, Peter Thiel, Max Levchin, Ken Howery, Luke Nosek and Yu Pan. Based in the U.S., PayPal operates a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
Glance: (GET) Glance Technologies Inc. is a Vancouver-based financial technology company. The Company focuses on developing mobile payment processing software and smartphone applications. Glance Technologies serves customers in Canada, the United States, and Europe.
Apple Pay: (AAPL) Apple Pay is a mobile payment and digital wallet service by Apple Inc. launched in October 2014. The service allows users to make payments using an iPhone, Apple Watch, iPad or Mac. Apple Pay does not require Apple Pay-specific contactless payment terminals and can work with existing contactless terminals.
Visa: (V) Visa Inc. is an American multinational financial services corporation. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards and debit cards. Visa does not issue cards, extend credit or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash-access programs to their customers.
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